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NEWS
Law360: An insurer seeking the removal of an arbitrator in a Bermuda reinsurance coverage dispute told the Second Circuit on 7 May 2024 that a hearing on the issue should be cancelled as an award was issued in the arbitration, rendering the dispute moot.
NEWS
Law360, London: The UK branch of insurer Ergo Versicherung has agreed to a settlement in its €17.3m dispute with an Irish energy company and its Dutch shareholder over the delayed construction of a wind farm.
NEWS
Law360: An aircraft lessor and an insurer have settled their dispute over payouts for planes stranded in Russia after its invasion of Ukraine. BOC Aviation (Ireland) Ltd entered into a confidential settlement with Convex Insurance UK Ltd, according to a High Court order issued on 24 April 2024.
NEWS
Law360: Insurer Allianz UK has urged motorists to watch out for dangerous scams, as it warned of a 6,250% rise in 2023 of 'crashes' involving motorbikes and scooters.
NEWS
Law360, London: A London appeals court has ruled that a British insurer does not have to pay out over 100 tonnes of spoiled beef, finding in the first judgment of its kind that the company storing the meat breached its insurance policy terms.
PRACTICE NOTES
STOP PRESS The Financial Services and Markets Act 2023 (FSMA 2023) revokes the Insurers (Reorganisation and Winding-Up) Regulations 2004 (2004 Regulations), SI 2004/353 with effect from a date to be appointed, along with a host of other EU-derived legislation. The government does not expect to commence revocation of individual pieces of EU-derived legislation unless the regulators have drafted and consulted on rules that are ready to be enforced, where it is appropriate that the provisions are replaced. FSMA 2023 amended the UK’s insolvency arrangements for insurers in order to clarify certain elements and to expand the protections available to an insurer and its policyholders undergoing insolvency or write-down procedures—the government consulted on these amendments in 2021, and published a response in April 2022 (see News Analysis: Financial Services and Markets Bill sets out post-Brexit framework for UK financial services and LNB News 07/04/2022 78). The Prudential Regulation Authority (PRA) published consultation paper CP3/23, dealing with insurers in financial difficulties, setting out its proposed rules and policy in respect of the changes introduced
NEWS
Law360, London: A group of insurers urged an appeals court on 28 February 2023 to overturn a judgment forcing them to pay out US$5.2m to an agricultural commodities supplier defrauded in a Ukrainian grain scam, arguing that the missing goods covered by the policy never existed.
NEWS
Law360: Insurers launched an appeal on 18 June 2024 to overturn a landmark test case ruling that would provide cover for coronavirus (COVID-19) lockdowns for thousands of companies with 'at-the-premises' business interruption wording in their policies.
NEWS
Law360, London: Six insurers told an appeals court on 9 July 2025 they should not have to pay US$37m to the owners of a cargo ship seized by the Indonesian navy because the policy was rendered void by the owner's failure to disclose that its director faced criminal charges.
NEWS
Law360, London: The global economy is braced for further trade volatility in the coming months as a temporary pause on US punitive tariffs on countries that have not struck trade deals expires on 1 August 2025, with many experts predicting an increase in insurance disputes.
NEWS
Law360, London: Insurers are likely to face their costliest single-loss event in Spain becauseof the extreme flooding that has swept the country this week, according to a report by Aon plc.
NEWS
Law360: A trade body for insurers on 9 August 2024 called on the government to bolster the UK's defences against extreme weather, as the value of property claims paid out by the sector rose to £1.4bn in the past quarter.